As found by a U.S. landmark study, Our Family, Our Future: The Heart of Long Term Care Planning, sponsored by Genworth Financial (Genworth) and released by Age Wave and Harris Interactive.
- Financial Contributions: While only 40 percent of caregivers expect they will contribute financially to the care of a family member, the reality is that 83 percent actually do.
- Income Hit: In actuality, 63 percent of caregivers experience a reduction in income. This compares to 38 percent of caregivers that expect to experience such a reduction.
- Reduction in Savings: 37 percent of caregivers expect their savings to decline as a result of their caregiving responsibilities. The study found that, in fact, 61 percent of caregivers have used some of their savings to care for a loved one.
- Retirement Funds Tapped: Of caregivers surveyed, 57 percent actually tapped their retirement funds to care for a loved one, compared to 34 percent that expected to do so.
- Career Impact: Nearly half (48 percent) of caregivers lost a job, changed shifts or missed out on career opportunities as a result of their caregiving responsibilities, compared to 29 percent that expected such impact.